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Question
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Questions:
- Identify the types of price elasticity of demand from above diagram. (2m)
- Write slope of demand curve in above diagrams. (2m)
Short/Brief Note
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Solution
A. Identify the types of price elasticity of demand from above diagram
Diagram a – Perfectly inelastic demand
Diagram b – Perfectly elastic demand
Diagram c – Unitary elastic demand
Diagram d – Relatively elastic demand
B. Write slope of demand curve in above diagrams
Diagram a – Vertical straight line parallel to Y-axis
Diagram b – Horizontal straight line parallel to X-axis
Diagram c – Rectangular hyperbola
Diagram d – Flatter
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